The innovative new process requires borrowers to provide two initial documents: a signed application and a borrower authorization form giving RCN Capital the authority to run a credit report and a background check. A loan officer will review the documents, discuss the scenario with the borrower and be able to issue a Letter of Interest within the same day.
Borrowers need only return the signed Letter of Interest with an appraisal authorization form to RCN Capital for a loan to go to final review. Once the loan is approved, a commitment letter is issued. With borrower cooperation, the whole process can be completed in as few as forty-eight hours.
“One of the main reasons why borrowers choose RCN is because we have the ability to close in as few as ten business days,” said Jeffrey Tesch, Managing Director of RCN Capital. “However, we wanted to make things even faster and easier. Having the ability to issue a commitment letter in as little as two business days is a game changer.”
RCN Capital’s new approval process went into effect June 15, 2015. To view the press release, click here.